Jang Hyun-guk Returns as CEO of Action Square

Uk Jin

Summary

It was announced that the newly appointed Jang Hyun-guk is expected to increase shareholder value through blockchain new business and game developer investment at Action Square.
Action Square announced that they allocated new shares to Jang Hyun-guk through a third-party allotment paid-in capital increase.
It was reported that Action Square's stock price surged to the upper limit on KOSDAQ, rising 29.94% following the news of Jang Hyun-guk's return.

Jang Hyun-guk, Vice Chairman of Wemade, has been appointed as the CEO of the domestic game company Action Square along with a strategic investment.

On the 12th, Action Square announced that Jang Hyun-guk, the current Vice Chairman of Wemade, has been appointed as a co-CEO starting January 1st next year.

Action Square stated that they expect the newly appointed CEO Jang to pioneer new areas such as blockchain new business and game developer investment, thereby growing the company and increasing shareholder value.

Jang, who graduated from the Business Administration Department of Seoul National University in 1996, has led companies like Nexon and Neowiz before becoming the CEO of Wemade in 2014, leading the company for 10 years.

In 2018, he launched the proprietary blockchain mainnet 'Wemix' and focused investments on the Web3 game ecosystem, transforming Wemade into a blockchain-specialized game company.

However, due to the aftermath of controversies such as the Wemix distribution volume disclosure and the large holdings of virtual assets (cryptocurrency) by Congressman Kim Nam-guk, he handed over the CEO position to Park Kwan-ho, the founder of the Wemade Group, earlier this year and stepped down to Vice Chairman.

Kim Yeon-jun, CEO of Action Square, said, "In the midst of a massive change where blockchain and cryptocurrency are becoming institutionalized, Jang's experience and capabilities could elevate Action Square to a completely different company."

On the same day, Action Square announced that they allocated 5,537,099 new shares (common stock) to Jang through a third-party allotment paid-in capital increase at 903 won per share.

In July, Jang sold all 363,354 shares of Wemade he held on the market. In September, after being indicted without detention on suspicion of manipulating Wemix distribution volume, he also resigned from the CEO position of the affiliate Wemade Max.

According to the game industry, it is reported that Jang will soon resign from his position as Vice Chairman of Wemade. A Wemade representative explained, "Nothing has been decided regarding Vice Chairman Jang's future."

Meanwhile, following this news, Action Square hit the upper limit on KOSDAQ, soaring 29.94% compared to the previous day.

WEMIX